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INTRODUCTION TO CREDIT TOKEN LICENSE
“Credit token business” means any business where a token, being a cheque, card, voucher, stamps, booklet, coupon, form or other document or thing is given or issued to a person, referred to as “customer”, by the person carrying on the business, referred to as “issuer”.
Whereby such issuer undertakes
A：that on the production of the token, whether or not some other action is also required, the issuer will supply cash, goods or services on credit; or
B：that where, on the production of the token to a third party, whether or not any other action is also required, the third party supplies cash, goods or services, the issuer will pay the third party for them, whether or not deducting any discount or commission, in return for payment to be made thereafter to the issuer by the customer, and for the purposes of this definition, the use of a token to operate a machine provided by the issuer or by a third party shall be regarded as the production of the token to the person providing the machine;
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Eligibility
(a)An individual or institution with expertise and track records in carrying on the activities;
(b)An existing digital financial services provider from other jurisdictions with approval from home authority. Written consent from its home supervisory authority is needed to be submitted to Labuan FSA. This include:
（i）Statement of no objection towards the establishment of a subsidiary or branch in Labuan
（ii）Confirmation that the applicant’s shareholder or head office is of good financial standing
（iii）Agreement to co-operate in the supervision for the proposed subsidiary of branch in Labuan in terms of other applicable regulatory standards
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Operational requirements
Have minimum paid-up capital unimpaired by losses amounting to RM300,000 equivalent in any foreign currency at all time.
Must maintain an operational office in Labuan and all transactions must be done to, through and from Labuan.
Establish an adequate set of internal policies and controls for its operations, compliances, corporate governance and risk management. These need to be regularly reviewed to ensure that they remain appropriate, relevant and prudent.
Ensure that person in control, director and principal officer responsible for the management of the company meet the Fit and Proper Person requirements as specified in the Guidelines on Fit and Proper Requirements issued by Labuan FSA. It is also expected that the employees employed are competent and possess sound knowledge of the assigned assignments.
Maintain adequate and proper records and books of accounts in Labuan in line with the Directive on Accounts and Record-keeping Requirement for Labuan Entities issued by Labuan FSA. Its name and company number must be clearly indicated on its letterhead, stationery and other documents.
Maintain bank account(s) under its name preferably in Labuan IBFC and/or Malaysia to facilitate the business operations.
Obtain prior approval from Labuan FSA for: (i) appointment of new shareholder, director and principal officer; (ii) change of business plan; (iii) establishment of additional office outside Labuan; and (iv) any outsourcing arrangement.
Appoint an approved external auditor to carry out an audit of business operations annually.
Where technology client interface is deployed, any intrusions or malfunctions of the systems including adverse incidents discovered must be reported to Labuan FSA on the root cause and an impact analysis report is to be submitted within 14 days.
Mandatory to observe and comply with the AML/CFT Act and Guidelines issued by Central Bank of Malaysia and Labuan Authority via the provision of a compliance officer.
Comply with applicable laws, rules and regulations relevant to the credit token business, including relevant guidelines issued by Labuan FSA, regulatory requirements of the jurisdictions where the applicant is authorized to operate in at all times. In this regard, the applicant is expected to obtain the necessary approvals form the authorities in the markets it intends to operate in prior to commencing its business in those respective markets and shall provide a copy of the said approval to Labuan FSA, where applicable.
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Corporate tax regime
The CIT for Labuan credit token business is 3% of audited net profits.
To qualify as Labuan credit token business, the Labuan company has to establish substantial activity requirements in Labuan as prescribed by the Labuan Business Activity Tax (Requirements for Labuan Business Activity) Regulations 2018 (Substance Regulation) to avail to the Labuan tax incentives.
Meaning that, the Labuan leasing company needs to have its own operational office in Labuan with 2 full times employees, of which 1 must be at managerial level as well as incurred a local business expenditure of RM100,000 annually.